The closer the industry concentration ratio is to 100, the more likely it is that
A. there are a reasonably large number of medium-sized firms.
B. this is an industry approaching perfect competition.
C. there is a small number of large firms.
D. price competition is being practiced.
C. there is a small number of large firms.
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Consumer surplus is accurately measured along (uncompensated) demand curves when tastes are quasilinear.
Answer the following statement true (T) or false (F)
What is the law of demand and how do we illustrate it?
What will be an ideal response?
Holding other factors constant, the increase in the prison population over the past 30 years in the United States has likely
A) decreased structural plus frictional unemployment. B) increased cyclical unemployment declined. C) decreased cyclical unemployment increased. D) increased the natural rate of unemployment.
A market characterized by asymmetric information will have an equilibrium price if at that price
a. quantity demanded equals quantity supplied when all participants have the same information. b. quantity demanded equals quantity supplied given prevailing information levels. c. quantity demanded equals quantity supplied under perfect information. d. quantity demanded exceeds quantity supplied if suppliers are better informed (and vice versa).